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Smith+Nephew reported 4Q22 orthopedic sales of $954.5 million, +0.8% compared to 4Q21. For the full year, the company generated $3.6 billion in orthopedic sales, -0.9% compared to the prior year. Excluding the impact of currency translation, Smith+Newphew’s orthopedic business grew in the low single digits for 2022.
Portfolio gaps and operational issues have plagued the company in recent years. The pandemic and sustained market disruption exacerbated the problems.
Smith+Nephew’s plan to achieve its mid-term goals hinges upon improved performance in the orthopedics franchise. The company expects that the process will take two years.
Smith+Nephew CEO Deepak Nath said, “We’ve been held back by supply chain constraints that resulted in product availability issues and by execution in orthopedics. Some of that is, of course, related to external factors. But a lot of it is actually in our hands, both on the growth side and our profitability.”
However, 2022 brought some early wins in orthopedics. The LEGION CONCELOC cementless total knee continued its ramp-up with strong sequential growth. Overdue orders declined by 20% in the fourth quarter, while key products like POLARSTEM and EVOS SMALL met supply availability targets.
Smith+Nephew is very bullish on its CORI robot. Mr. Nath said CORI is the only “true second-gen” robot in the orthopedic market, as well as the only system indicated for revision surgery.
Semiconducter supply constraints hurt CORI’s ability to grow in 2022. However, the company expects an additional 300 placements in 2023, increasing the overall installed base by more than 50%.
Smith+Nephew expects underlying growth of 5% to 6% in 2023, but cautioned that supply constraints and staffing shortages would persist through the year.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $404.6 | $402.8 | $1.8 | 0.4% |
| Knees | $234.8 | $233.5 | $1.3 | 0.6% |
| Hips | $151.6 | $152.0 | ($0.4) | (0.2%) |
| Extremities | $18.2 | $17.3 | $0.9 | 5.1% |
| Trauma | $121.5 | $126.7 | ($5.2) | (4.1%) |
| Sports Medicine | $388.9 | $380.0 | $8.9 | 2.3% |
| Orthobiologics | $15.9 | $15.4 | $0.6 | 3.8% |
| Enabling Technology | $23.5 | $22.5 | $1.0 | 4.6% |
| Total | $954.5 | $947.4 | $7.2 | 0.8% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $1,561.0 | $1,566.8 | ($5.8) | (0.4%) |
| Knees | $903.4 | $882.4 | $21.0 | 2.4% |
| Hips | $587.6 | $615.1 | ($27.6) | (4.5%) |
| Extremities | $70.1 | $69.3 | $0.8 | 1.1% |
| Trauma | $474.4 | $508.2 | ($33.8) | (6.6%) |
| Sports Medicine | $1,435.7 | $1,428.0 | $7.7 | 0.5% |
| Orthobiologics | $62.4 | $59.6 | $2.8 | 4.7% |
| Enabling Technology | $77.9 | $82.1 | ($4.2) | (5.1%) |
| Total | $3,611.5 | $3,644.8 | ($33.2) | (0.9%) |
Orthopedic Sales by Geography
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $518.9 | $498.3 | $20.6 | 4.1% |
| OUS | $435.7 | $449.0 | ($13.4) | (3%) |
| EMEA | $231.5 | $244.7 | ($13.2) | (5.4%) |
| Asia Pacific | $115.8 | $109.4 | $6.4 | 5.8% |
| Rest of World | $88.4 | $95.0 | ($6.6) | (7%) |
| Total | $954.5 | $947.4 | $7.2 | 0.8% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $1,912.8 | $1,859.3 | $53.5 | 2.9% |
| OUS | $1,698.7 | $1,785.4 | ($86.7) | (4.9%) |
| EMEA | $896.3 | $972.7 | ($76.4) | (7.9%) |
| Asia Pacific | $403.4 | $435.0 | ($31.6) | (7.3%) |
| Rest of World | $399.0 | $377.8 | $21.2 | 5.6% |
| Total | $3,611.5 | $3,644.8 | ($33.2) | (0.9%) |
Smith+Nephew reported 4Q22 orthopedic sales of $954.5 million, +0.8% compared to 4Q21. For the full year, the company generated $3.6 billion in orthopedic sales, -0.9% compared to the prior year. Excluding the impact of currency translation, Smith+Newphew’s orthopedic business grew in the low single digits for 2022.
Portfolio gaps and...
Smith+Nephew reported 4Q22 orthopedic sales of $954.5 million, +0.8% compared to 4Q21. For the full year, the company generated $3.6 billion in orthopedic sales, -0.9% compared to the prior year. Excluding the impact of currency translation, Smith+Newphew’s orthopedic business grew in the low single digits for 2022.
Portfolio gaps and operational issues have plagued the company in recent years. The pandemic and sustained market disruption exacerbated the problems.
Smith+Nephew’s plan to achieve its mid-term goals hinges upon improved performance in the orthopedics franchise. The company expects that the process will take two years.
Smith+Nephew CEO Deepak Nath said, “We’ve been held back by supply chain constraints that resulted in product availability issues and by execution in orthopedics. Some of that is, of course, related to external factors. But a lot of it is actually in our hands, both on the growth side and our profitability.”
However, 2022 brought some early wins in orthopedics. The LEGION CONCELOC cementless total knee continued its ramp-up with strong sequential growth. Overdue orders declined by 20% in the fourth quarter, while key products like POLARSTEM and EVOS SMALL met supply availability targets.
Smith+Nephew is very bullish on its CORI robot. Mr. Nath said CORI is the only “true second-gen” robot in the orthopedic market, as well as the only system indicated for revision surgery.
Semiconducter supply constraints hurt CORI’s ability to grow in 2022. However, the company expects an additional 300 placements in 2023, increasing the overall installed base by more than 50%.
Smith+Nephew expects underlying growth of 5% to 6% in 2023, but cautioned that supply constraints and staffing shortages would persist through the year.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $404.6 | $402.8 | $1.8 | 0.4% |
| Knees | $234.8 | $233.5 | $1.3 | 0.6% |
| Hips | $151.6 | $152.0 | ($0.4) | (0.2%) |
| Extremities | $18.2 | $17.3 | $0.9 | 5.1% |
| Trauma | $121.5 | $126.7 | ($5.2) | (4.1%) |
| Sports Medicine | $388.9 | $380.0 | $8.9 | 2.3% |
| Orthobiologics | $15.9 | $15.4 | $0.6 | 3.8% |
| Enabling Technology | $23.5 | $22.5 | $1.0 | 4.6% |
| Total | $954.5 | $947.4 | $7.2 | 0.8% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $1,561.0 | $1,566.8 | ($5.8) | (0.4%) |
| Knees | $903.4 | $882.4 | $21.0 | 2.4% |
| Hips | $587.6 | $615.1 | ($27.6) | (4.5%) |
| Extremities | $70.1 | $69.3 | $0.8 | 1.1% |
| Trauma | $474.4 | $508.2 | ($33.8) | (6.6%) |
| Sports Medicine | $1,435.7 | $1,428.0 | $7.7 | 0.5% |
| Orthobiologics | $62.4 | $59.6 | $2.8 | 4.7% |
| Enabling Technology | $77.9 | $82.1 | ($4.2) | (5.1%) |
| Total | $3,611.5 | $3,644.8 | ($33.2) | (0.9%) |
Orthopedic Sales by Geography
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $518.9 | $498.3 | $20.6 | 4.1% |
| OUS | $435.7 | $449.0 | ($13.4) | (3%) |
| EMEA | $231.5 | $244.7 | ($13.2) | (5.4%) |
| Asia Pacific | $115.8 | $109.4 | $6.4 | 5.8% |
| Rest of World | $88.4 | $95.0 | ($6.6) | (7%) |
| Total | $954.5 | $947.4 | $7.2 | 0.8% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $1,912.8 | $1,859.3 | $53.5 | 2.9% |
| OUS | $1,698.7 | $1,785.4 | ($86.7) | (4.9%) |
| EMEA | $896.3 | $972.7 | ($76.4) | (7.9%) |
| Asia Pacific | $403.4 | $435.0 | ($31.6) | (7.3%) |
| Rest of World | $399.0 | $377.8 | $21.2 | 5.6% |
| Total | $3,611.5 | $3,644.8 | ($33.2) | (0.9%) |
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Mike Evers is a Senior Market Analyst and writer with over 15 years of experience in the medical industry, spanning cardiac rhythm management, ER coding and billing, and orthopedics. He joined ORTHOWORLD in 2018, where he provides market analysis and editorial coverage.
